Op Ed: From Gray To Black and White: Traditional Regulations Come to Crypto34.66

For nearly a decade, participants in the blockchain and cryptocurrency space have operated in a regulatory compliance gray zone. Recent developments — at both the federal and international levels — signal that the time for plausible deniability or unregulated freedom is coming to an end and more traditional regulations are moving to the forefront.

Currently, whether a cryptocurrency-related business is subject to the Bank Secrecy Act (BSA) and its related regulations is a painstaking, case-by-case analysis. Recently, however, the primary criminal enforcement arm of the United States’ financial regulatory authorities, the Financial Crimes Enforcement Network (FinCEN) and the international commission tasked with providing financial regulatory guidance to its 37 member jurisdictions, the Financial Action Task Force (FATF), have moved toward promulgating clear-cut anti-money laundering (AML) and know your customer (KYC) rules and regulations.

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